Turnover has been low recently as investors are on the sidelines, analysts said. On the Tokyo Stock Exchange’s main board, turnover was below 2 trillion yen for the past three days.

“Investors are not overly pessimistic about Japanese equities’ fundamentals despite weak earnings from some companies such as Nidec,” said Takuya Takahashi, a strategist at Daiwa Securities.

With the International Monetary Fund cutting its global growth outlook on Monday, investor sentiment has stayed sour, he said.

The IMF cut its 2019 and 2020 global growth forecasts, citing a bigger-than-expected slowdown in China and the eurozone, and said failure to resolve trade tensions could further destabilise a slowing global economy.